Pour some fine alcoholic beverage out for hedge-fund managers and their clients. Last year was a rough year for these investors, and the sixth consecutive year that hedge funds have been outperformed by the stock market.

But while average earnings for top hedge-fund managers were down to just $467 million from last year’s $846 million, there’s no need to reach for that Kleenex box. According to Investor Alpha’s annual Rich List, the top 25 hedge-fund managers raked in a combined $11.62 billion.

Last year, the S&P 500, including reinvested dividends, gained 13.68 percent. At least 12 of the men on the Rich List lead hedge funds that returned single-digit gains.

The top three managers topped an estimated $3.6 billion in personal earnings. Kenneth Griffin of Citadel took home $1.3 billion. According to The New York Times, Citadel performed admirably, bringing in gains of 18.3 percent for its clients. James Simons of Renaissance Technologies took home $1.2 billion, and Raymond Dalio, the firebrand head of Bridgewater Associates, the country’s largest hedge fund, took home $1.1 billion.

Bridgewater, which landed two other executives on this year’s Rich List, faltered in the second half of the year. The firm rang up returns of 3.6 percent and 8.7 percent in its two main funds. In 2013, Bridgewater averaged 5.25 percent return in 2013.

As has always been the case, no woman appeared among the top 25 hedge-fund managers.

Bill Ackman, an activist investor who heads Pershing Square Capital and is known for his crusade against Herbalife, earned an estimated $950 million in 2014. Pershing Square outperformed every other shop on the list, delivering clients gains of 36 percent and 40 percent. Rounding out the top five is Israel Englander of Millennium Management, who walked away with $900 million.

A number of other usual suspects didn’t make the list because their hedge funds actually lost money in 2014. That includes Robert Citrone of Discovery Capital Management, Leon Cooperman of Omega Advisors, and Paulson & Co.’s John Paulson.